Automotive Building with Warehouse
For Sale
$600,000
3421 Franklin Avenue, Waco, TX 76710
The property is occupied by a tenant under a month-to-month lease.
Property Size3,996 SF
Price / SF$150.15
Days on Market39
Property Features for 3421 Franklin Avenue
General Information
Standard status
Active
Size
3,996 SF
Property subtype
Commercial
Zoning
c-3
Additional Details
Road Access
Yes
Amenities
roll up doors
warehouse space
Building Details
Building Size
3,996 SF
Year Built
1957
Buildings
1
Stories
1
Units
2
Tenancy
Single
Listing Agency:
Harrell Realty Company
(254) 722-5933
Listed By:
Fisher Cannon · License #0765372
(254) 722-5933
Source:
Cuddrealtyinc
Added: Jul 22
Changed: Aug 28
Last Checked: Aug 28 at 2:23PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Harrell Realty Company
Investment Insights
Based on property information with market context.
This 3,996-square-foot automotive building was constructed in 1957 and includes multiple roll-up doors for vehicle-related operations. Additional warehouse space is located toward the rear of the building, expanding the property's functional layout beyond the main automotive area.
The property is situated on Franklin Avenue in Waco, Texas, at 3421 Franklin Ave. Current occupancy is based on a month-to-month lease, providing a clear overview of the existing tenancy structure for prospective ownership review.
The property is situated on Franklin Avenue in Waco, Texas, at 3421 Franklin Ave. Current occupancy is based on a month-to-month lease, providing a clear overview of the existing tenancy structure for prospective ownership review.
Key Highlights
- 3,996‑square‑foot automotive building
- Multiple roll‑up doors support automotive operations
- Additional warehouse space at the rear of the building
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$46,565
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.76%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$931,300
$931.3K
Cap Rate 7%
$665,214
$665.2K
Cap Rate 9%
$517,389
$517.4K
Market Conditions
NOI Build-Up for 3,996 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$74.3K $18.60/SF
− Vacancy
−$7.8K −$1.95/SF
EGI
$66.5K $16.65/SF
− OpEx
−$20.0K −$4.99/SF
NOI
$46.6K $11.65/SF
Area
Waco, TX
Vacancy
10.50%
Lease Rate
$18.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$931,300
Cap Rate 7%
$665,214
Cap Rate 9%
$517,389
Alternative Uses
Best Use
Retail
$665.2K
$582.1K – $776.1K
NOI $46,565 @ 7.0% cap · market cap 7.76%
Second Best
Warehouse
$565.5K
$494.8K – $659.8K
NOI $39,587 @ 7.0% cap · market cap 6.60%
Theoretical Best
Office A
$1.05M
$922.5K – $1.23M
NOI $73,798 @ 7.0% cap · market cap 12.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
776
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 76710, TX
24,874
Population
12,391
Households
2
Avg Household Size
38
Median Age
32%
College-Educated
92%
High-School Grad
9.3 sq mi
ZIP Area
2,675
Density / Sq Mi
$53,304
Median Household Income
$36,425
Median Earnings
$1,098
Median Rent
$229,000
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Auto shop - The property is occupied by a tenant under a month-to-month lease.
Where is this auto shop located?
The property is located at 3421 Franklin Avenue Waco, TX.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: 3,996‑square‑foot automotive building; Multiple roll‑up doors support automotive operations; Additional warehouse space at the rear of the building
